Litigation Funding Update
Company draws first tranche of US$11m litigation funding facility; grants security over assets.
- Total available under Capital Provision Agreement US$11,000,000
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Emmerson Plc, the Moroccan focused potash development company, is pleased to announce that, further to the announcement on 2 January 2025, the Company has drawn down the first tranche of funding under the Capital Provision Agreement ("CPA") which will provide the Company with up to US$11,000,000 in both litigation finance capital and working capital.
Alongside the draw down of the first tranche of funding from the CPA, the Company and its subsidiaries in the UK and Morocco provide notice that they have granted certain securities and charges over their assets to the funding counterparty in relation to amounts drawn down. The granting of such security is considered ordinary course for litigation funding arrangements and shall not be enforced so long as the Company continues to meet its obligations under the CPA as intended.
The initial drawdown will cover all legal costs to date and ensure that the Company's legal team can complete the next steps in the dispute process, for which preparation is well underway.
The Company will provide further updates in due course.
For further information, please visit www.emmersonplc.com , follow us on Twitter (@emmerson_plc), or contact: Emmerson Plc Graham Clarke / Hayden Locke +44 (0) 207 138 3204 Panmure Liberum Limited (Nominated Adviser and Joint Broker) Scott Mathieson / Will King +44 (0) 20 3100 2000 Shard Capital Partners LLP (Joint Broker) Damon Heath / Isabella Pierre +44 (0) 207 186 9927
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.